According to the press release, the pandemic has fundamentally altered customer behaviours towards ecommerce, with these behaviours likely to be sustained in the longer term. Further growth in global online purchase values will be driven by increased availability of ecommerce in emerging markets over the next five years.
Moreover, the new research, eCommerce Payments: Emerging Trends, Opportunities & Market Forecasts 2020-2025, predicts that emerging markets will be significant drivers of growth, with the Indian Subcontinent and LATAM expected to experience rapid acceleration of physical goods transaction values between 2020 and 2025 – seeing growth of 116% and 82% respectively.
This expansion highlights the necessity for stakeholders to address pain points around cross-border payments, including varying local payment regulations and differing consumer payment preferences.Furthermore, OEM Pay, where payments are made by a smartphone manufacturer-backed wallet, such as Apple Pay and Google Pay, will see a surge in use, with purchase volumes for remote goods anticipated to grow by 730% globally between 2020 and 2025. OEM Pay is seeing increasing consumer awareness, driven by its use in the contactless arena.
Additionaly, the research predicts that OEM Pay will increasingly disrupt established ecommerce payment methods by facilitating payments, but also found that current acceptance of OEM Pay across different merchants is highly varied. The research recommends that payment providers focus on maximising OEM Pay integration to ensure a improved user checkout processes.
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